|
Want the most current listing information? Need local real estate advice? Call us: 940-322-8400.
|
Sign Up For Our eNewsletter, FREE!
There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU.
Find Out More >
View All Offers >
|
 Compare three mortgages
at one time. Download TripleCalc now. It's free. |
|
|
|
Trust Us with Your Referrals. Increase Your Chances of Making a Sale. You can trust us with your important referrals. We have a great track record of success. We have the experience you are looking for. Plus we are very web-savvy real estate agents, which is important to the majority of homeowners today. Why send a referral to anyone other than the best? This only reflects positively on you. Grow your business. Your clients will be happy and this will lead to even more referrals for you, and at the same time you'll enjoy a greater percentage of your referrals turning into sales. Think about it. Please use this form to contact us... You can trust us with your important referrals. We are web-savvy, Wichita Falls, Burkburnett, Iowa Park and Sheppard Air Force area rea estate agents. Provide us with a few details, and We promise to get back to you quickly... 
 |
Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
|
|
| Q |
What is the highest skyscraper hotel in the world?
|
| A |
The Grand Hyatt Shanhai in Pudong, Shanhai, China occupies the top 35 floors of the 88-story Jin Mao Tower, which at 1,378 feet is the tallest building in China and the third tallest building in the world. |
 See More Real Estate Trivia > |
|
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
